13 Jan 16 – Press Release – PUC Founder sets eyes on Renewable Energy Sector, forms Joint-Venture with GreenTech Malaysia Alliances Sdn Bhd
PUC Founder sets eyes on Renewable Energy Sector, forms Joint-Venture with GreenTech Malaysia Alliances Sdn Bhd
PETALING JAYA, 13 January 2016 – The Board of Directors of PUC FOUNDER (MSC) BERHAD (“PUCF” or the “Company”), a Bursa Malaysia ACE Market listed company (Stock code: 0007) is pleased to announce that the company has entered into a Joint Venture and Shareholder Agreement (“Agreement”) with GreenTech Malaysia Alliances Sdn Bhd (“GTMA”), a wholly owned subsidiary of Malaysian Green Technology Corporation (“GreenTech Malaysia”) to subscribe in the equity of PUC Founder Technology Sdn Bhd (“PUCFT”) for the purpose of joint venture on a 80 (PUCF): 20 (GTMA) basis. Under this agreement, PUCFT is formed to undertake business in the renewable energy sector in respect of joint bid for renewable energy projects in government or government linked corporations.
GreenTech Malaysia is an organisation under the purview of the Ministry of Energy, Green Technology and Water Malaysia (KeTTHA), charged with catalysing green technology deployment as a strategic engine for socio-economic growth in Malaysia. Its subsidiary, GTMA is an investment holding company that focuses on green business ventures.
PUCFT will be principally engaged in the development and / or operation of renewable energy power generation and other green technology projects. PUCFT shall be treated as a preferred partner for potential business in respect of joint bid for renewable energy projects in government or government linked corporations; in particular, solar, biogas and biomass related projects.
PUCF Group Managing Director, Mr. Cheong Chia Chieh commented, “With the expertise of GTMA and also our experience in project management, I believe that we will make a great team and having greater chance in the joint bid for renewable energy projects in government or government linked corporations.”
The authorised share capital of PUCFT is RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of PUCFT has been increased from RM10 divided into 10 ordinary shares of RM1.00 to RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each on 13 January 2016.
Cheong continued, “With an established and strong partner like GTMA, we are confident that we can continue to achieve more in the coming years in line with our expansion plans into the renewable energy sector as promised to our shareholders. New income stream and recurring income will be our way forward in the year ahead, we will strive to work harder and achieve better results to enhance our shareholders’ value.
PUCF has on 29 December 2015 received approval from it’s shareholders for the proposed rights issues of ICULS with warrants to raise up to RM83.9 million (“Proposed Rights Issue”). The Ex-date for Rights issue is on 15 January 2016, while the entitlement date will be on 19 January 2016.
About PUC Founder (MSC) Berhad:
PUC Founder (MSC) Berhad (Stock code: 0007) is an investment holding group, principally engaged in three business segments namely, Media & Advertising; E-payment Services; and Renewable Energy. It was incorporated in Malaysia by China Founder Group on 3rd November 1997 bearing the Company Number 451734-A, and is listed on the ACE Market of Bursa Malaysia on 3rd April 2002. It is one of the first companies in Malaysia to qualify for the Multimedia Super Corridor or MSC status. The company’s businesses have expanded throughout Asia.
Corporate Website: http://www.founder.com.my